My Bitcoin Investment Strategy Proposal for 2024

0t3p0t

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Quote from: OddJobsForBitcoin on December 31, 2023, 12:01:23 PM

In a previous post, I share how I have been struggling to HODL BTC long term: https://bitcointalksearch.org/topic/am-i-too-broke-to-own-bitcoin-5479795. I received a lot of helpful insights that showed me that HODLING long term is possible without the attendant financial stress. One of the most common suggestions is a change in lifestyle. I was also encouraged by the story of the Chicken Man, the Bitcoiner who sold his big house and moved his family to live in a school bus. Not sure that I can do that. I really do not consider myself a lavish person since I never flew a first class. Nevertheless, I can skip coffee breaks to buy bitcoins. Here is my plan:

Option 1 Buy small amounts of $30 daily through 2024.

Option 2 Buy based on the price of Bitcoin at the time of purchase. Say $45 if Bitcoin was trading at $45,000 and $16 if it was trading at $16,000 that day.

Both are daily options. Which is better?

Considering the high fees right now I think it is better to buy monthly. What I mean is save those fiat you got daily and then buy at the end of the month to save fees. What you are trying to do is actually good but make it worth the money you have.

michellee

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I chose the first option by purchasing small amounts of $30 each day. But maybe you can do it every week so you don't miss a day buying Bitcoin. This can be adjusted to the funds you provide to buy Bitcoin.

The important thing is that you can buy Bitcoin regularly with the same amount of money, whether every day, week or month. You should pay attention to the saturation factor if you buy Bitcoin every day because you have to do the same thing every day. That's why I recommend you buy Bitcoin every week. Maybe the weekend is the time to buy the Bitcoin.

And if you do this for a year, you can still collect a lot of Bitcoin. And later in 2025, you can hope that Bitcoin's price will increase and it can make its ATH. That will provide benefits for you.

criptoevangelista

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The best strategy is always to buy little by little, always a little per week and always the same amount in dollars, regardless of the price of bitcoin on the day.

What I did during 2022 was to migrate all my capital and financial reserves to bitcoin, I spent the whole year doing this, always slowly, because only then can you overcome volatility and use it to your own advantage.

Essential10

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If you invest $30 a day in Bitcoin, it will be a very good method for you for the future. Investing in Bitcoin is a good decision for the future, as it has high earning potential. Investing regularly over time (such as $30 per day) through a technique known as dollar-cost averaging can help reduce some of the risk associated with market fluctuations. As we know, Dollar Cost Averaging (DCA) is a popular investment strategy. Bitcoin prices can be quite volatile on a daily basis, which can affect the overall cost of savings. You can convert it weekly instead of daily. Switching to a weekly DCA method can help reduce transaction costs and reduce the impact of short-term price fluctuations.

yazher

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Option 1 seems good but you need to have high courage when it comes to this kind of decision in life and you need to have some other means of job in order to support your essential needs daily too. The bottom line here is, that you need to trust yourself once you already made the right decision according to your own perception, and no matter what happens in the future, keep adding until we witness another great bull run caused by the new cycle of bitcoin halvings. But if you are aiming for even long term, then that is the better and it could be that you can gain more profits depending on how much you have spent from your investment.

m2017

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Quote from: tranthidung on December 31, 2023, 10:17:47 PM

Quote from: OddJobsForBitcoin on December 31, 2023, 12:01:23 PM

Option 1 Buy small amounts of $30 daily through 2024.

If you can assign $30 to accumulate BTC daily, I believe it will be better for your investment if you switch to weekly DCA.

If it was $300 and not $30, then you could buy bitcoin daily, but given such a modest amount, it makes more sense to do it once a week.

Quote from: tranthidung on December 31, 2023, 10:17:47 PM

$30 daily ~ $210 weekly that is a good enough weekly investment capital.

Of course, a good weekly capital, because even participants in subscription campaigns on the forum receive more modest amounts than this.

Quote from: tranthidung on December 31, 2023, 10:17:47 PM

By doing this weekly, you can afford to withdraw your BTC from exchange account after your purchase is completed.

Considering the current transaction fees, the daily option to buy and withdraw bitcoin seems crazy. Even weekly seems dubious. Maybe once every 1 month?

Also, exchangers have fixed tariffs for withdrawing bitcoin, and these are well overpriced.

Quote from: tranthidung on December 31, 2023, 10:17:47 PM

Don't leave your coins on centralized exchanges for too long.

Reminder: do not keep your money in online accounts
Exchange graveyard. Hopefully it is enough to warn your about the risk.

Can buy not only on centralized exchanges, if that happens.

MFahad

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Quote from: OddJobsForBitcoin on December 31, 2023, 12:01:23 PM

In a previous post, I share how I have been struggling to HODL BTC long term: https://bitcointalksearch.org/topic/am-i-too-broke-to-own-bitcoin-5479795. I received a lot of helpful insights that showed me that HODLING long term is possible without the attendant financial stress. One of the most common suggestions is a change in lifestyle. I was also encouraged by the story of the Chicken Man, the Bitcoiner who sold his big house and moved his family to live in a school bus. Not sure that I can do that. I really do not consider myself a lavish person since I never flew a first class. Nevertheless, I can skip coffee breaks to buy bitcoins. Here is my plan:

Option 1 Buy small amounts of $30 daily through 2024.

Option 2 Buy based on the price of Bitcoin at the time of purchase. Say $45 if Bitcoin was trading at $45,000 and $16 if it was trading at $16,000 that day.

Both are daily options. Which is better?

There are many things in our life on daily basis that we can give up and when we give up we can invest in Bitcoin. Investing in Bitcoin on a daily basis will become easier for you if you remove the unnecessary things from your life.Not only you, but all people should think about this and prepare a plan for the future. Both of your options are good, but I prefer the first one because whether bitcoin is going down or up you are buying it on a daily basis with a fixed amount.

You may have the advantage that as the price of Bitcoin goes down, you have the opportunity to buy more at a lower price, but currently the price of Bitcoin is quite high.Anyway, I have a suggestion that if the price of bitcoin stays below $50k then you keep buying 30 dollars on a daily basis but if the price of bitcoin increases more then you keep accumulating dollars, and enter the market at any time in case of a dump, because this is a cryptocurrency market, there are constant fluctuations.

alankasman

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Quote from: OddJobsForBitcoin on December 31, 2023, 12:01:23 PM

Option 1 Buy small amounts of $30 daily through 2024.

Option 2 Buy based on the price of Bitcoin at the time of purchase. Say $45 if Bitcoin was trading at $45,000 and $16 if it was trading at $16,000 that day.

Both are daily options. Which is better?

Both are good buy options with long-term holding goals. Option number 2, if the price of Bitcoin is trading at $50,000, then you will buy $50. This shows that the higher the price of Bitcoin is traded, the greater the amount of money you will buy.

What's better in my opinion is to buy $50 at any time at whatever price Bitcoin is trading at. If the price of Bitcoin decreases, then you can get more Bitcoin for the $50 you purchased. With the $50 you will make a purchase, you are regularly saving money for the long term.

Nrcewker

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Don’t make a strategy, I would say make it as a habit. Don’t look at the price of the coin. We know that Bitcoins are fixed or limited in number, hence there will a time come when the demand to accumulate the Bitcoins will be high, but due to the fixed supply, the demand won’t be feasible in low price. Hence the price will automatically go up only. Hence even if possible buy 1$ worth of Bitcoins everyday and don’t cashout. After some point when you need money urgently, then only cash out. You will be surprised to see the profits at that time.

OddJobsForBitcoin

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Quote from: Poker Player on January 01, 2024, 01:30:13 AM

Quote from: OddJobsForBitcoin on December 31, 2023, 12:01:23 PM

Option 1 Buy small amounts of $30 daily through 2024.

Option 2 Buy based on the price of Bitcoin at the time of purchase. Say $45 if Bitcoin was trading at $45,000 and $16 if it was trading at $16,000 that day.

Both are daily options. Which is better?

None. Or both. Because they are both bullshit. For starters in the other thread you say you can't HODL Bitcoin because with $3K a month you don't have enough, and now you have to come up with two daily buying strategies where with the first you spend almost $1K a month and with the second, as the price goes to $100K you're going to have to spend your entire paycheck on Bitcoin and you won't even be able to eat.

I doubt if you are a troll.

It's just so obvious that investment doesn't work that way.

Read well. I'd be sacrificing something to accomplish that. It's in the OP.

tbct_mt2

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Quote from: mk4 on January 01, 2024, 03:20:20 AM

Just do option 1. The method that works best for a huge majority of people is the method that doesn't require thinking, and in which your emotions don't affect your buys.

Dollar cost averaging is key to success in investment.
https://dcabtc.com/
https://costavg.com/
Jay Juan Gee has a great investment and cash out strategy.
JJG's Bitcoin Investment Ideas (Sustainable Withdrawal / Portfolio Maintenance)

From that strategy, bitmover built one website for it.
[ANN] JJG Sustainable Bitcoin Withdrawal Strategy
https://bitcoindata.science/withdrawal-strategy

Quote

Also: if you're struggling to hold long-term, maybe you're a bit too overly-invested.

Invest what can afford to lose.

Invest with reserve for emergency so you will be able to hold your bitcoin from capital invested in it. If you have emergency, you reserved money for it, don't have to sell your coins.

mk4

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Just do option 1. The method that works best for a huge majority of people is the method that doesn't require thinking, and in which your emotions don't affect your buys.

Also: if you're struggling to hold long-term, maybe you're a bit too overly-invested.

Justbillywitt

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Your plans for Bitcoin accumulation this year is remarkable. I like option 1 it is a very good one, but you have to decipline yourself to be able to achieve this. It is one thing to make a plan and another thing is to act according to the plan. But your determination and hunger for Bitcoin is what will help you actualize this plan.

davis196

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Quote from: OddJobsForBitcoin on December 31, 2023, 12:01:23 PM

In a previous post, I share how I have been struggling to HODL BTC long term: https://bitcointalksearch.org/topic/am-i-too-broke-to-own-bitcoin-5479795. I received a lot of helpful insights that showed me that HODLING long term is possible without the attendant financial stress. One of the most common suggestions is a change in lifestyle. I was also encouraged by the story of the Chicken Man, the Bitcoiner who sold his big house and moved his family to live in a school bus. Not sure that I can do that. I really do not consider myself a lavish person since I never flew a first class. Nevertheless, I can skip coffee breaks to buy bitcoins. Here is my plan:

Option 1 Buy small amounts of $30 daily through 2024.

Option 2 Buy based on the price of Bitcoin at the time of purchase. Say $45 if Bitcoin was trading at $45,000 and $16 if it was trading at $16,000 that day.

Both are daily options. Which is better?

What's the point for all the crypto noobs to fill the forum with "my investment strategy" posts about Bitcoin, since their only investment strategy is DCA? Good luck paying high transaction fees every time you buy small amount of BTC for your DCA strategy.
Selling your own house and living in a school bus, just because you are a Bitcoin enthusiast seems weird. I wouldn't sacrifice my comfort just to go all in on Bitcoin. BTC still is (and always will be) extremely volatile and betting everything on BTC seems very risky.
Good luck with your Bitcoin journey, but we don't need another 1000 forum posts about DCA. Grin

Poker Player

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Quote from: OddJobsForBitcoin on December 31, 2023, 12:01:23 PM

Option 1 Buy small amounts of $30 daily through 2024.

Option 2 Buy based on the price of Bitcoin at the time of purchase. Say $45 if Bitcoin was trading at $45,000 and $16 if it was trading at $16,000 that day.

Both are daily options. Which is better?

None. Or both. Because they are both bullshit. For starters in the other thread you say you can't HODL Bitcoin because with $3K a month you don't have enough, and now you have to come up with two daily buying strategies where with the first you spend almost $1K a month and with the second, as the price goes to $100K you're going to have to spend your entire paycheck on Bitcoin and you won't even be able to eat.

I doubt if you are a troll.

It's just so obvious that investment doesn't work that way.

Z_MBFM

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Quote from: OddJobsForBitcoin on December 31, 2023, 12:01:23 PM

Option 1 Buy small amounts of $30 daily through 2024.

Option 2 Buy based on the price of Bitcoin at the time of purchase. Say $45 if Bitcoin was trading at $45,000 and $16 if it was trading at $16,000 that day.

Both are daily options. Which is better?

Option 1 is very good DCA STRATEGY but it is very expensive because if you want to invest $30 per day then it will be $900 per month whereas in Afrin in Asia most people's income is less then $300 per month so how can they save $30 after meeting their daily expenses. Can invest in Bitcoin? If you can afford it you can do it no problem. But those who do not have the ability will not be able to fulfill this dream. But if you can do it then I support you. But if it's $2 daily for everyone then $60 a month would be possible for almost everyone

xLays

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Quote from: OddJobsForBitcoin on December 31, 2023, 12:01:23 PM

In a previous post, I share how I have been struggling to HODL BTC long term: https://bitcointalksearch.org/topic/am-i-too-broke-to-own-bitcoin-5479795. I received a lot of helpful insights that showed me that HODLING long term is possible without the attendant financial stress. One of the most common suggestions is a change in lifestyle. I was also encouraged by the story of the Chicken Man, the Bitcoiner who sold his big house and moved his family to live in a school bus. Not sure that I can do that. I really do not consider myself a lavish person since I never flew a first class. Nevertheless, I can skip coffee breaks to buy bitcoins. Here is my plan:

Option 1 Buy small amounts of $30 daily through 2024.

Option 2 Buy based on the price of Bitcoin at the time of purchase. Say $45 if Bitcoin was trading at $45,000 and $16 if it was trading at $16,000 that day.

Both are daily options. Which is better?

If you prefer a steady predictable approach go for Option 1 (buying a fixed amount daily). It spreads your investment over time lessening the impact of market ups and downs. If you're comfortable adjusting based on market conditions choose Option 2 (buying at the current price). This lets you capitalize on lower prices and increase your investment during market dips. Consider your comfort with market fluctuations and how actively you want to monitor prices when deciding. Both options require a long term commitment so pick the one that suits your financial status.

adaseb

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You should not buy more when price is higher and buy less when price is lower. Do the opposite.

This is what Saylor did back in 2020, he bought small amounts in the $10K area and then when it peaked at $69K, he bought tons around that area and his average ended up being $35K or something because he started to average up at a different price than earlier.

So either buy the same amount or buy more at lower prices and less at higher prices so your overall average isn't too high.

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Quote from: OddJobsForBitcoin on December 31, 2023, 12:01:23 PM

Option 1 Buy small amounts of $30 daily through 2024.

Option 2 Buy based on the price of Bitcoin at the time of purchase. Say $45 if Bitcoin was trading at $45,000 and $16 if it was trading at $16,000 that day.

Both are daily options. Which is better?

Maybe change the daily option to weekly and the budget also increase it a bit cause if you planning to buy bitcoin daily youll just incurred fees but your buying power isnt that much. Maybe doing weekly or monthly would be more wiser in my opinion. The 2nd option isnt that great cause why you buy based on its range? Sometimrs it could go up and go down instantly that it wont follow the range.

tranthidung

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Quote from: OddJobsForBitcoin on December 31, 2023, 12:01:23 PM

Option 1 Buy small amounts of $30 daily through 2024.

If you can assign $30 to accumulate BTC daily, I believe it will be better for your investment if you switch to weekly DCA.

$30 daily ~ $210 weekly that is a good enough weekly investment capital.
By doing this weekly, you can afford to withdraw your BTC from exchange account after your purchase is completed.

Don't leave your coins on centralized exchanges for too long.

Reminder: do not keep your money in online accounts
Exchange graveyard. Hopefully it is enough to warn your about the risk.

sunsilk

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Quote from: OddJobsForBitcoin on December 31, 2023, 12:01:23 PM

In a previous post, I share how I have been struggling to HODL BTC long term: https://bitcointalksearch.org/topic/am-i-too-broke-to-own-bitcoin-5479795. I received a lot of helpful insights that showed me that HODLING long term is possible without the attendant financial stress. One of the most common suggestions is a change in lifestyle. I was also encouraged by the story of the Chicken Man, the Bitcoiner who sold his big house and moved his family to live in a school bus. Not sure that I can do that. I really do not consider myself a lavish person since I never flew a first class. Nevertheless, I can skip coffee breaks to buy bitcoins. Here is my plan:

Option 1 Buy small amounts of $30 daily through 2024.

Option 2 Buy based on the price of Bitcoin at the time of purchase. Say $45 if Bitcoin was trading at $45,000 and $16 if it was trading at $16,000 that day.

Both are daily options. Which is better?

Option 1 is better both are like DCA you just buy whenever you are comfortable buying. But I just like to modify something on this plan of yours.

Do it like every week or every few days for you to save fees. But if you are just going to keep on it exchanges until it grows, you may do that somehow but still practice the importance of not leaving your funds on exchanges.

Bobrox

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Nice challenge with your decision want to accumulate investment in bitcoin around $30 in daily day, generally you will make around $10,000 for 2024 year depend on your consistency keep investing bitcoin in daily day based on your amount challenge. Actually is very good ideas have planning spent few percent amount of salary or profitable from trading or airdrop and investing in bitcoin.
Always have positive result in the future with bitcoin will raise to higher price but will you keep consistent invest around $30 in daily day although bitcoin get correction or going up to higher price?
Wish in this year I have stable financial for spent few percent of my fund for investing in bitcoin, I don't make in daily day investing but I want spent around $200 in weekly for investing in bitcoin.

Natsuu

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Option 1 is like putting $30 into Bitcoin every day no matter what. It's chill because it spreads out your investment over time, smoothing out the crazy ups and downs. It's an easy way to do it without stressing too much about the daily price swings. Option 2 is a bit more adventurous. You buy more Bitcoin when the price is low and less when it's high, trying to catch those good deals. But it means you got to keep an eye on the daily prices and that can be a bit of time consuming. So, it's all about whether you're up for the laid-back vibe of Option 1 or the rollercoaster ride of Option 2, depending on how much attention you want to give to your Bitcoin moves.

Personally, I cant do either. I can only buy bitcoin with my extra money I earned like from leisure. Whenever I have some spare funds, I just toss them into Bitcoin. It's a more laid-back way to ride the Bitcoin wave when you've got some play money to spare.

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Quote from: OddJobsForBitcoin on December 31, 2023, 12:01:23 PM

buying a fixed $25 daily or buying based on the price of BTC at the time of purchase (also daily).

Buy a fixed amount, that you can easily become used to and comfortable DCA-ing. Trying to DCA different amounts based on the price of bitcoins will not be feasible because there are always other needs that demand attention.

To DCA, you need to be comfortable doing so, not under any pressure either from internal and external source. Making an attempt to invest based on the price of bitcoins is you generating internal pressure for yourself.

Ambatman

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I was in a position like yours before couldn't hold my Btc for long especially after seeing profit
But someone advised me against this attitude
That I might miss out on a possible bullish shoot out
He recommended buying BTC with money I don't need
It's similar to your option 1, but doesn't have to necessarily be daily
You can choose to buy little in every dip.
Personally I would suggest using a non custodial wallet
Since funds are more liquid in exchanges and would encourage you to sell while neglecting your holding strategy.

Selling in profits is not all bad but selling Btc in loss? That's a no go for me
Trust me been there and it wasn't a proud decision.

OddJobsForBitcoin

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In a previous post, I share how I have been struggling to HODL BTC long term: https://bitcointalksearch.org/topic/am-i-too-broke-to-own-bitcoin-5479795. I received a lot of helpful insights that showed me that HODLING long term is possible without the attendant financial stress. One of the most common suggestions is a change in lifestyle. I was also encouraged by the story of the Chicken Man, the Bitcoiner who sold his big house and moved his family to live in a school bus. Not sure that I can do that. I really do not consider myself a lavish person since I never flew a first class. Nevertheless, I can skip coffee breaks to buy bitcoins. Here is my plan:

Option 1 Buy small amounts of $30 daily through 2024.

Option 2 Buy based on the price of Bitcoin at the time of purchase. Say $45 if Bitcoin was trading at $45,000 and $16 if it was trading at $16,000 that day.

Both are daily options. Which is better?

Topic: My Bitcoin Investment Strategy Proposal for 2024 (Read 256 times)